Ministry of Economy and Finance of the Republic of Ivory Coast

Ministry of Economy and Finance of the Republic of Ivory Coast - Bpifrance Covered Loan

Industry
Infrastructure/Healthcare facility
Area of finance
Export & Agency Finance
Country
Cote D'Ivoire (Ivory Coast)

Deal Overview

Q&A WITH DEALMAKER IS BELOW. CLICK 'SHOW MORE' TO VIEW IN FULL   This project is part of a wider health rehabilitation and development program supported at the highest level in Ivory Coast. Proceeds for this much needed social project will be used for the rehabilitation of the...

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Q&A WITH DEALMAKER IS BELOW. CLICK 'SHOW MORE' TO VIEW IN FULL   
This project is part of a wider health rehabilitation and development program supported at the highest level in Ivory Coast. Proceeds for this much needed social project will be used for the rehabilitation of the 400 bed university hospital center located in Yopougon, Abidjan, Cote D'Ivoire.

Q & A with Thierry Gernigon, Director Export Finance EMEA at BNP Paribas:

Can you highlight the social impact of this deal?

This project is part of a wider health rehabilitation and development program supported at the highest level in Ivory Coast. This much needed social project was expected by the population for many years. The 400 bed university hospital center is located in Yopougon, one of the most populous districts of the economic city Abidjan. It was built in 1989 and is today unfitted to the patients’ treatment and to the medical staff’s expectations. Getting obsolete, the hospital was in need of a thorough rehabilitation.

Before the start of the works, the hospital will need to be evacuated to perform the best work possible without putting at risk any patient or hospital agent.
- In terms of construction works, the asbestos will be removed from the whole building ensuring a proper and safe environment for the patients and doctors in line with the best practices.
- A new waste treatment station will be installed which is of paramount importance for the hospital as the existing station has not been operating for years.
   - In terms of medical practice, the impact will be remarkable in terms of life saved: The Yopougon hospital will be a trauma center that will treat all wounded persons from car accidents occurring on the high way between Abidjan and Yamoussoukro. The Emergency department will be increased from 8 beds to 14 beds. In addition, one scanner, one MRI Magnetic Resonance Imaging and one Ultrasound will be installed. New services are to be created, such as Head and Neck Unit, a laboratory Unit, an explorations Unit and a Central oxygen Production unit, but also an incinerator and a water reserve.

What challenges were faced in structuring this loan, and how were they overcome?

This project was initiated in 2013 through the signature of a first MOU with the Ministry of Health. BNP Paribas and BICICI were selected to support financially the project from the very beginning using both local financing capabilities in FCFA and HQ export finance expertise. The project was delayed several times and was finally revitalized in 2019 with the signing of a new MOU between parties.

Thanks to BNP Paribas’ steady interest for this project and flexibility during negotiation, it was greatly implemented. The perfect alliance with the Exporter and the French Authorities made the deal possible.

If you were to do this deal again, how would you do it better?

The financing was not the limiting factor. The deal development has taken too much time and if it was to do it again we would insist to do it faster as the population would have benefited earlier from the benefits of the project.

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Deal Volume
$ 55.43m
Financial Close
31 December 2019
Sources
Submitted by participant(s)

All Dealmakers

Veronique De Blic

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Thierry Eisenstein

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Célia  Schmit

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Thierry Gernigon

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Oliver Roth

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Bart Vansteenkiste

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Paule Gosset

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Kristina Holzhäuser

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